THREAD: Pakistani financial platform Abhi that allows salaried employees to access funds before payday raised funds at a $40 million valuation just four months after its launch. Its gotten a new investor into Pakistan too 1/5 ⚪️UAE-based Global Ventures invested for the first time in Pakistan
⚪️“Pakistan has trailed in its adoption to the internet economy and startup formation,” Noor Sweid, general partner at Global Ventures. “The startup boom in Pakistan is attracting global attention.” 2/5

THREAD: Pakistan small grocery stores are one of the largest segments in the nation’s $170 billion retail industry. Everything is done manually 1/4 One startup saw an opportunity. They went door-to-door across Karachi to gather data and acquire customers. They found out each mom-and-pop store met 100 suppliers a week or more to get inventory, now they buy through from its app 2/4

THREAD: Former tax chief Shabbar Zaidi who many hoped would be the best bet to fix Pakistan’s tax system but left in less than a year made some very candid comments in a webinar /1 Pakistani businessmen have stashed $150 billion offshore after making those in profits through local businesses, claims Zaidi. They would make more returns on those in Pakistan but there is the fear factor of the unknown/2

Pakistan is showing signs of business activity picking up at a faster clip. Evidence of momentum returning can be seen from growing cement-to-fuel sales and demand for home appliances to cars | My latest bloomberg.com/news/articles/… Cement sales rise near all-time high after lockdown ends and construction package /2

Many people in Karachi are in the dark without electricity after 60 hours. They most possibly dont have water anymore while or contact to the outside. Not even talking about work or study deadlines 1/5 #KarachiRain I’ve seen three street protests with people throwing stones and blocking roads today. Two on boat basin road and another near lilly bridge 2/5

Prime Minister Imran Khan mentions Pakistan's three biggest challenges in recent interview
- Debt payment
- Pensions
- CA deficit and impact on currency Khan's concern about unnecessary expenses is truly great. He even compared his foreign trip cost with those by previous leaders
Khan $1.5 lac
Sharif $12 lac
Zardari $14 lac

Thread on key points from CPEC and Gwadar webinar where Chinese ambassador, CPEC Chairman Asim Bajwa and others spoke Many firsts by Gwadar Port this year , says @BaozhongGwadar

- DAP fertilizer bagged at Pakistan port
- First Afghan transit cargo
- LPG cargoes handled /2

We are asking for trouble. Same observation here

https://twitter.com/shumyl/status/1288842185803063296?s=21

https://t.co/MaWc1ItCjr Virus pressure is easing in Pakistan 🇵🇰 For the first time in three months, Nishtar Hospital in Multan didnt have a single virus patient in ICU yesterday via @Baloch__777

What we know:
- Four gunmen tried to storm stock exchange but failed
- It seemed to be a planned hostage situation
- Balochistan Liberation Army claimed responsibility that attacked Chinese consulate in a similar-styled attack two years ago
bloomberg.com/news/articles/… The benchmark stock index dropped after news of the attack but closed up 0.7% in Karachi. Trading continued smoothly despite the attack since major traders don’t sit at the exchange building, said @sohailkarachi /2 bloomberg.com/news/articles/…

JUST IN: The reason Karachi is facing unannounced prolonged outages is that K-Electric is facing an oil shortage Karachi’s unannounced long outages for days because of oil shortage means there is some massive mismanagement, says an experts. Pakistan’s power regular has also asked for an explanation /2

Pakistan 🇵🇰 budget thread from my interactions with economists, current and former govt officials 1/ Most agree that Pakistan’s economic growth, fiscal deficit and revenue targets will be missed. Figures are likely to be very very different at the end of the year /2

What we know:
- 99 passengers, at least two survived
- It crash landed in a neighborhood damaging 20 houses
- The A320 narrow-body jet was built in 2004
bloomberg.com/news/articles/… “Sir, we have lost engines,” the pilot said to a controller, according to the LiveATC recording.
About 30 seconds later, the pilot again radioed a distress call: “Mayday. Mayday. Mayday.”
bloomberg.com/news/articles/…

🚨 Oil Falls Below $2 in New York, Down Over 90% Overall🚨 Technical oddity exacerbated the price plunge as traders fled the May futures contract ahead of its expiration tomorrow, the lowest level since 1983. The following month’s contract fell 11% to $22.22 a barrel google.com.pk/amp/s/www.bloo…

Disinfectant Sales Help Pakistan Descon as Most Clients Shut | my latest
bloomberg.com/news/articles/… Descon shares have surged over 50% in about two weeks since it began selling hydrogen peroxide disinfectant for the virus, to banks such as MCB Bank Ltd., Faysal Bank Ltd. and many more

Pakistan’s stock market had its worst day in 18 years Pakistan’s stock market three-day drop comes to 16%. Last time such a fall happened was when Pakistan and India did nuclear tests in 1998 that triggered a global uproar

Pakistan's central bank is going to announce the rate soon. The decision seems to whether the cut will be big or small /1 Why will there be a cut? Inflation has dropped from peak 14.6% and expected near 10% next month, opening up a gap from 13.25% interest rate. Governor has said they consider future inflation trend

One very impressive incident was when a few people returned home in the area from Iran. Authorities went to the house and took them for quarantine.

https://twitter.com/murtazawahab1/status/1239165184159158273

Pakistan can have 40,000 to 120,000 cases by end of March

https://twitter.com/rogueonomist/status/1239269634077085696

Pakistan's stock market halted for a second time this week, following global market meltdown Rough day
- Pakistan’s top stock index falls like its 2008
- Global investors sell $251m bonds in a single day
- Rupee drops for 4th day to 159.1 a dollar. It was 154 on Friday

Pakistan’s Stock Market Halts Seven Minutes After it Opened bloomberg.com/news/articles/… Pakistan stock drop is a mild move compared with what is happening globally. Still, the 6% drop is its biggest move since 2006. It has recovered since, now down 3.5% bloomberg.com/news/articles/…

JUST IN: First two cases of corona virus diagnosed in Pakistan. Both are stable One travelled from Iran to Karachi by plane. Him and entire family placed in quarantine. Health department is in the process of examining the all the passengers, Geo reports

Irregularities Found at Pakistan’s Top Bank HBL A Year After U.S. Fine and Sanction | Bloomberg Scoop bloomberg.com/amp/news/artic… HBL’s staff skirted rules when opening an account for Duduzane Zuma, the son of former South African President Jacob Zuma, and for relatives of Gabonese President Ali Bongo (above story updates with Gabon links)